Alex Hannaford is a reporter for the BBC News Channel and he along with researchers have done a story on CBD oil. The research he has done into CBD oil has clearly left me stunned.
CBD oil has been used by most people to relieve from depression and anxiety or chronic pain like arthritis. In fact, CBD oil is available in the form of Vape oil, patches, compounds, pain-relief cream, capsules, and sweets. The sweets include sour snakes, gummy bears, and rainbow bites.
This cannabis oil is a naturally occurring compound that is extracted from the cannabis sativa plant. He says that it is so popular in the US that many of us would be forgiven if we assumed that it can be bought anywhere in the states. Also, we would be forgiven if believed it to be a miracle oil that can cure many ailments. Most importantly he says the oil is not used by humans alone. There are versions of it that can be used for pets. And his research always depend on people who has been taking CBD oil to deal with any health disorder.
Survey on CBD oil
Brightfield Group is a group that does research into the effects of CBD oil. The company says that the market is worth around 5.7 billion dollars and expected to be worth around 22 billion dollars in the year 2022. According to Bethany Gomez the research director of the group the largest player in the industry “Charlotte’s Web Holdings” has seen a growth of 172 % in its income and if it continues on the same track it will make a profit of 89 million dollars in the year 2019.
Hannaford admits that the CBD oil sector is a controversial one, but it is still gathering attention in the investment world. The attention is coming from expected and unexpected sources. Coca-Cola a major drink manufacturer has said that it is interested in the growth of the non-psychoactive oil and is playing close attention to its growth. The role it is going play as an ingredient in functional wellness beverages not only in the US but also around the world. He has mentioned that when they contacted Coca-Cola with the request for further comments they got no answer.
Hannaford was frank enough to admit that the predictions made by Gomez during the early part of the year it raised many eyebrows. However, when she reported around three days later that CBD industry has caught the attention of Coca-Cola, he admitted it all made sense. According to him if considers the total number of CBD oil products sold today and combine the number with the big retailers and the big pharmacies that are begging for a chance to join the mix, the scenario is going to change rapidly.
Hannaford has interviewed Zsolt Csonka who belongs to the growing number of supporters of CBD oil usage. Csonka has founded the Adriaen Block. This restaurant and bar that use CBD oil as an ingredient. This is the first of its kind in New York City and is located in the city’s Astoria. The reason he is using CBD oil is that he wanted to reduce the alcohol content of the cocktails. Also, he wanted to make them like how they were made in the 16th and 17th centuries. The addition of CBD oil will give it a mix of old generation and new generation.
According to Csonka taking one or two drinks that have CBD oil in it will relax one mind better than four to five drinks with whiskey in it. He has stated that he used CBD oil in his other dishes. These include his peppercorn sauce.
When confronted about the fact that there seems to be no concrete evidence proving that CBD oil works. Csonka shares his experience. According to him before he started taking CBD oil he could neither sleep nor relax at night. In fact, his mind always seems to be in knots. After taking CBD oil with his coffee not only was he able to relax but also be able to sleep properly. Furthermore, he took pains to explain that he would not sell CBD oil if he didn’t believe in it. However, he was also quick to say that what is selling is actually an experience and should not be considered as a miracle cure or advice. According to him, he is creating an environment where people can reduce their levels of stress or anxiety.
Parts of the report
According to the survey the first people to buy were the millennials and they are followed by people in the early thirties. However, the number of buyers dropped among the people who were in their early forties and then increased among the baby boomers. The baby boomers bought CBD oil to deal with age-related problems like chronic pain and arthritis.
The survey suggests that the difference between male and female customers is very little, but Gomez seems to suggest that the number of female customers were higher.
People are, however, cautioned as buying the product in any of the 50 states can land you in trouble. Many of you might be wondering how it can be possible. Recreational marijuana is legal in nine states. This is due to the fact that federal laws have different an interpretation of CBD oil when compared to state laws.
Cannabis plant gives two extracts that THC and CBD. THC is the psychoactive substance while CBD was not. However, the difference between hemp and marijuana did not stop the federal government from placing Cannabis in the same category as heroin and cocaine. That is schedule 1 drug.
States that legalized marijuana has passed a law saying that businesses selling products containing THC must be licensed by the state. The restriction does not apply to CBD oil products.
Since CBD oil’s legal status is quite greyish many retailers are of the opinion that as long as follow the rules of the legalized states and do transport to other states, the federal authorities will not take action against them.
DEA has said that it is not going to change the status of CBD oil at the moment and will make an exception of Epidiolex as it contains 95% CBD oil and has been approved by the FDA to treat childhood epilepsy.
Thanks to confusion about the legal status of CBD oil has resulted in potential investors being both excited and cautious. Hemp Business Journal has said that the CBD market is highly volatile. This is clearly understood when sales surge one week only to drop by the same percentage at the end of the week.
Mitch McConnell a Republican senator from the state of Kentucky and a leader in the Senate has introduced a law that will make hemp legal under federal law. Bethany Gomez feels when passed the law will allow CBD oil products to be sold in all 50 states.
Igor Grant who works in the University of California says that CBD oil has potential and studies shown it has the potential for treating schizophrenia and those results must be followed. He is of the opinion that many of the nutritional values of CBD oil has not be proved, but they have not been disproved. So, the first thing is to make sure that there is harmony between federal and state laws. Also, he says that we will have to wait for the science to emerge.